Understanding What Makes Employees Tick and Building a Thriving Business

Welcome to this blog post brought to you Louise Demetriou. In this article, we will explore the importance of understanding what makes employees tick and how it contributes to building a thriving business. We’ll delve into key factors such as attracting top talent, retaining the best employees, and transitioning from founder to leader!

The Need for Engaged Employees:

Employee engagement and workplace culture have emerged as critical aspects in the business world. In the past, these areas were often considered the sole responsibility of the HR department, rather than integral components of a comprehensive business strategy. However, it is now evident that disengaged employees can have a negative impact on profitability, productivity, and innovation.

Statistics and the Secret Sauce of Success:

According to recent data, only 9% of UK employees were reported as engaged in 2022, compared to 21% globally. Highly engaged teams, on the other hand, have been found to increase profitability by a significant 21%. By the end of this article, you will gain a better understanding of how to attract and retain engaged employees, resulting in boosted revenue and profits for your business.

Attracting Top Talent:

Many companies struggle to attract exceptional employees and fail to find the right match for their organisation. It is essential to move away from the belief that a good salary alone should be enough to entice talent. Modern employees seek workplaces where they can belong and make a real difference. To attract like-minded individuals, companies must have a clear mission, vision, company values, and an effective people strategy that is passionately communicated.

Retaining Your Best People:

One common challenge faced by businesses is the issue of staff retention. Losing valuable employees without understanding why can be frustrating. Relying solely on competitive pay as a retention strategy is no longer effective. Studies indicate that toxic workplace cultures, not pay, are the primary reason for employees leaving their jobs. It is crucial to focus on building a positive and motivating culture that inspires and supports your team. Remember, the secret to retention lies in culture, not cash.

Transitioning from Founder to Leader:

Business owners often find themselves overwhelmed, micromanaging every decision and drowning in details. This approach hampers progress and leads to talented individuals seeking opportunities elsewhere. Leaders must learn to delegate and provide clear direction, allowing their team members to excel in their roles. Remember, details are where dreams go to drown. Trusting your team and empowering them to do their jobs will foster growth and attract new talent.

Learning from the Best:

While companies like Google may seem incomparable due to their size and scale, we can draw inspiration from their successful employee engagement strategies. Google places significant emphasis on recruitment, assessing both competence and skill, as well as personal and company values alignment. They prioritise a winning work culture based on data and research, empowering employees to take ownership of their roles and performance.

Conclusion:

Understanding what makes employees tick is crucial for building a thriving business. By attracting and retaining engaged employees, you can drive growth and achieve your business goals. Remember the importance of a clear mission, vision, company values, and a positive work culture. Transitioning from a founder to a leader requires trust in your team and delegation of responsibilities. By adopting these strategies, you can create an environment where employees feel motivated, valued, and inspired to contribute to the success of your organisation.

If you’d like to discuss these concepts further, I’d invite you to take advantage of my complimentary HR health check. Visit the website or email hello@louisedemetriou.com to book a call and receive suggestions for improving your people strategy. Together, we can help you grow your business and reach new heights of success.

For more information on what makes employees tick, see our Recruit & Retain Staff page.